Fiji's International Airline Air Pacific and Air Pacific Group Limited reported after tax losses of $65.3 million and $59 million respectively for the period of April 1st 2009 to 31st March 2010.

Air Pacific Chairman Nalin Patel reported the results saying it compared to losses in the previous year of $5.2 million and $7.2 million respectively.

Air Pacific Limited reduced costs by $18.7 million or 3 percent from the prior financial year but total revenue dropped by 106.9 million, a 17 percent reduction from 2008/2009.

Patel said the 2009/2010 financial year was the toughest financial year in their history with ongoing impact of new competition and higher fuel costs as well as last year’s fuel hedging losses.

Meanwhile, the new CEO and managing director for Air Pacific, Dave Pflieger said while much of the 2009 and 2010 losses were due to lower fares caused by increased competition, the impact of the global financial crisis and the fuel hedging, last year=s results are clearly unacceptable going forward.

Story by: Ronal Deo